Do you want to get regular income on your savings, Post Office Monthly Savings Income Scheme can be a great option for you. By investing in this scheme, you can definitely get a fixed amount in your account every month.
Benefits of the scheme
Regular income: Get a fixed amount every month.
Attractive interest rate: The interest rate of this scheme is higher than other investment options.
Safe investment: Post office schemes are completely safe.
Flexibility: You can invest in this scheme from a minimum of ₹ 1,000 to a maximum of ₹ 9 lakh (for a single account) or up to ₹ 15 lakh (for a joint account).
How to Invest
To invest in the Monthly Income Scheme, you first have to open your savings account at the post office. After this, you will have to submit the filled form for National Savings Monthly Income Account. Also, you have to deposit the amount to be deposited in the account through cash or cheque along with the form. After this, your Post Office Monthly Income Account will be opened.
Interest Rate and Returns
The interest rate of the Post Office Monthly Income Scheme changes from time to time. Currently, the interest rate is 7.4%. If you invest ₹15 lakh in this scheme, you will get an income of around ₹12,333 every month.
Investment Limit
You can invest up to a maximum of ₹9 lakh when opening a single account.
You can invest up to a maximum of ₹15 lakh when opening a joint account.
Additional Information
You can open a single or joint account in this scheme. The maturity period of this great scheme is about to 5 years. You can withdraw your investment in this scheme at any time, but certain conditions may apply. If you want to invest in this scheme for more than 5 years, you can extend it in blocks of 5 years.
Invest Now
Monthly Savings Income Scheme is a great way to secure your future and get regular income. If you want to invest in this scheme, visit your nearest post office today and find out more.